PM Browne Seeking Bilateral Talks with Trinidad’s Prime Minister Over Outstanding CLICO/BAICO Funds
Prime Minister Gaston Browne has announced plans to initiate high-level talks with Trinidad and Tobago’s Prime Minister Kamla Persad-Bissessar in a renewed effort to secure a US$60 million commitment related to the fallout from the CLICO/BAICO collapse.
Speaking on his Browne and Browne radio programme over the weekend, Browne said he is hoping to convene a bilateral meeting with Persad-Bissessar, with the aim of finalising discussions around Trinidad’s financial support to the Eastern Caribbean Currency Union (ECCU) following the regional insurance debacle.
“I’m trying to arrange a bilateral meeting with her,” Browne said. “I also want to invite my dear friend Prime Minister Ralph Gonsalves, who was the initial chairman of the Prime Ministerial Subcommittee on Insurance for the ECCB.”
Browne stated that the discussions would likely take place in August, following the conclusion of Antigua and Barbuda’s Carnival celebrations.
The US$60 million was initially pledged by Trinidad and Tobago to assist policyholders and governments across the ECCU who were affected by the collapse of Colonial Life Insurance Company (CLICO) and British American Insurance Company (BAICO) over a decade ago.
While some payments have been made, the remaining funds have yet to be delivered. Browne said his goal is to secure a renewed commitment to honour the outstanding amount.
“That’s US dollars,” he confirmed, underscoring the significance of the contribution for regional financial stability and for compensating victims of the insurance failure.
The collapse of CLICO and BAICO left thousands across the Eastern Caribbean without access to their life savings and investments, sparking a regional response coordinated by the ECCB and CARICOM heads of government.
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Why did of CLICO and BAICO collapse? What measures are in place so we don’t have a repeat cycle of financial institution failure.
Did it have anything to do with The Government of Trinidad and Tobago actions or inactions?
Will former PM Rowley inexplicable detainment at VCBird International AirPort make this proposed high level bilateral meeting meaningless?
What regulations did the Governments across the ECCU have in place to protect the life savings and investments of its citizens?
What was the most recent ruling of the Courts in this issue?
Who is responsible?
In a letter dated January 18, 2001 from Colonial Life Insurance Company (Trinidad) Limited, P.O. Box 1865, Redcliffe Street, St. John’s, Antigua, W.I.; signed by Leroy C. Parris, President and sent to policyholders:
‘Dear Client:
We wish to inform you that Colonial Life Insurance Company (Trinidad) Limited will be reorganizing its operations in Antigua and Barbuda and the other Eastern Caribbean Territories in which we operate.
The reorganization is necessary due to the growth of the Company regionally. A necessary consequence of the reorganization has been the incorporation in Antigua and Barbuda of CLICO International Life Insurance Limited.
This new company is a wholly owned subsidiary of CLICO Holdings Barbados Limited and will be responsible for the servicing and administration of the insurance portfolio of Colonial Life Insurance Company (Trinidad) Limited, in Antigua and Barbuda and the Eastern Caribbean. CLICO International Life Insurance Limited, CLICO Holdings Barbados Limited and Colonial Life Insurance Company (Trinidad) Limited are all subsidiaries of the parent company C.L. Financial Limited in Trinidad.
This new structure will allow us to further expand and better anticipate your changing needs in this dynamic market place. We have, however, devoted our efforts to ensure that all services previously available will continue.
CLICO sees itself as a pre-eminent insurance institution in the region and our new structure will allow us to better serve your needs in the 21st century.
Please contact our Customer Service Representative at 480-3250 to resolve any queries you may have.
We thank you for the confidence you have place in us over the years and look forward to your continued support.’
Assurance from CLICO International Life Insurance Limited that your investments are safe.
In a letter dated February 13, 2009, from Colonial Life Insurance Company Limited, “Clico Corporate Center”, Walrond Street, Bridgetown, Barbados, P.O. Box 713C; signed by Mr. Geoffrey Brewster, President, and sent to policyholders:
Dear Policyholder,
The Board of Directors, Management and Staff of CLICO International Life in Barbados and the Eastern Caribbean wish to thank you for your continued loyalty in the company. Your contribution has been pivotal in assisting the company to place its firm footprint in the economies of Barbados and the Eastern Caribbean and this is evident in the many developmental projects we have given back to our people.
CLICO International Life in Barbados and the Eastern Caribbean has maintained a balanced portfolio which has increased our return on investment and reduced the risk of variability of the return on the whole portfolio. We hold firm to the statutory framework which has enabled us to withstand external shocks while achieving steady economic growth and business development over the last five years.
As a Caribbean company, we remain an excellent choice for our policyholders across the region, who can be assured that their confidence is not misplaced. We remain a reputable, profitable and well managed operation. While we empathize with our colleagues in Trinidad & Tobago with the liquidity concerns in CLICO Investment Bank and CLICO Trinidad, we wish to assure you that your investments in of CLICO International Life Insurance Limited are safe.
We are buoyed by the reassurances by the Governments of Barbados and the Eastern Caribbean as well as the Governor of the Central Bank and the Supervisor of Insurances in Barbados. We have an excellent team of Financial Advisors and Administrative staff who continue to be excellent ambassadors adhering to the principles of strong corporate governance while maintaining integrity in our reporting systems.
Thanks to your continued loyalty and investment confidence, we wish to assure you that we will regain momentum …for “CLICO is People”.
CLICO policy holders in the OECS are EXPECTING the exact same settlement nothing less that were given to the TRINIDADIANS, BAJANS, GUYANESE and ST LUCIANS CLICO POLICY HOLDERS.
BONDS can be issued by the EASTERN CARIBBEAN CENTRAL BANK (ECCB) to cover the amount owed to the OECS CLICO policyholders, with INTEREST on the reducing balance back by shipments of PETROLEUM PRODUCTS from TRINIDAD AND TOBAGO to the affected OECS countries monitored by the ECCB until the debt is REPAID.
The so called MOST DEVELOPED COUNTRIES (MDC)need the LESS DEVELOPED COUNTRIES (LDC) money to fuel their economies and they treat you like if you are DISPENSABLE.
BONDS can be issued by the EASTERN CARIBBEAN CENTRAL BANK (ECCB) to cover the amount owed to the OECS CLICO policyholders, with INTEREST on the reducing balance back by shipments of PETROLEUM PRODUCTS from TRINIDAD AND TOBAGO to the affected OECS countries monitored by the ECCB until the debt is REPAID.
The so called MOST DEVELOPED COUNTRIES (MDC)need the LESS DEVELOPED COUNTRIES (LDC) money to fuel their economies and they treat you like if you are DISPENSABLE
I wonder if this impulsive arrest of former pm Kieth Rowley was really not an interpol idea but antiguan ALP politicians trying to appease prime minister Kamala bessesa of making diplomatic mischief of her former opponent to let her shine, and in the end hoping her tumultuous government could pay over monies to Antigua government? You know this ALP under Gaston salivate at money , and it doesn’t matter how much he gets it does not change the economic situation for the citizens, he even had to rise taxes on vehicle license to fix the road, of which was already taxed
Good going Mr. PM, let CLICO pay interest and compensation for the inconvenience of the policy holders not getting the benefit of the.money they invested those many years ago…time these larger islands stop advantaging the people and resources of the smaller islands… hope the managers of CLICO are held responsible.. look at what happened to Stanford..
@Bell,
Look at what happened to Stanford He got convicted in the US.
Which one of the corrupt regional courts is going to do the convictions?
The public is at the mercy of the politicians and the well connected.
@THE WIZ STANFORD is serving 110 years in a TEXAS PRISON.He is blind in one eye after a JAIL FIGHT.GOD IS GREAT THOU SHALT NOT STEAL #8 OF THE 10 COMMANDENTS.
@crystal ball,
The wrath of GOD came down on Stanford and LeRoy José King in American Courts.
That’s why STANFORD is serving 110 years in a TEXAS PRISON.
#8 of the 10 commandments must have fallen asleep in Antigua and most of the Caribbean.
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